According to a report from South Korea, a subsidiary in South Korea , Huobi Global plans to dissolve its relationship with its parent company. The trading platform’s management said it plans to “strengthen its position” as the domestic cryptocurrency exchange and change its name.
Huobi is undergoing a major withdrawal as his subsidiary Huobi Korea appears to become independent. There was speculation and lots of rumors. End of November 2022. Huobi reportedly laid off 20% of his staff and plans to keep a “very lean team” going forward.
Additionally, Huobi has seen a significant amount of withdrawals recently. According to Cryptoquant statistics, on November 2nd, 2022, Huobi held more than his 20,000 BTC. As of today, the crypto exchange’s reserves of BTC are approximately 16,709 BTC. Similarly, Huobi said that on November 2, 2022 he had 22 million ETH ready, but according to cryptoquant.com statistics, his stash now stands at 18.19 million It’s down to.
Amid speculation, South Korean news outlet News1 reported that Huobi Korea wanted to separate from its parent company, Huobi. News1 reports that Huobi Korea plans to buy shares from its parent company and change its name. “The capital relationship with Huobi Global will also be sorted out,” the report said, adding that the team will hold meetings between employees and management.
News1 reported that the name change and stock purchase would sever ties between the two companies, allowing the South Korean exchange to operate independently. A source told News1 that the name change was a significant event. “Huobi Korea suffers from being perceived as a foreign exchange, especially with the image of a ‘Chinese exchange’,” said a source. “It can be interpreted as an effort to prove that it is a safe ‘domestic exchange,'” he said.
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